FxWirePro: AUD/USD struggles at the 0.74 handle, further gains only on decisive break above

• AUD/USD stalled its overnight downslide well ahead of 200-DMA support located at 0.7304.
   
• Risk-on remains in full swing as Brexit concerns take a back seat, the pair is extending upside on the day fuelled by a solid rebound staged by the oil prices.
   
• Techs on 4 hourly charts support upside, the pair is struggling at the 0.74 handle. A decisive break above is needed to take the pair higher. 
   
• Our previous call (http://www.econotimes.com/FxWirePro-Short-AUD-USD-on-break-below-074-target-07315-227560) has almost hit all targets at 0.7323.
   
• Immediate support and resistance are located at 0.7462 (5-DMA) and 0.7360 (June 17th low) respectively. Break above 0.74 could see gains upto 0.7450.
   
• US final GDP and consumer confidence data due later in the NA session along with sentiment on the global equities and Brexit-related news flow will continue to drive the Aussie price action.
   

Recommendation: We prefer to remain on the sidelines for now.